Payday Loans

Cash Advance Without Faxing – Easy To Obtain, Difficult To Repay

That’s the one-line story of cash advance without faxing. It looks like a highly lucrative option because it allows you to borrow money through a very simple process, where you do not have go through any paperwork (no faxing of documents required). The eligibility criteria are very easy, and most of the times, your application is approved within a matter of just a few hours. So far, so good, but, this ‘romantic’ story turns into a horror when you review the repayments terms.

What Is So Horrible About The Repayment Terms?

A cash advance without faxing is a small amount of loan that is issued for a very short period of time at an extremely high rate of interest. Most lenders will charge you at an APR of anywhere between 200% to as high as 600% (or even more). Other finances charges are additional. Overall, a $100 of loan issued for a period of two weeks can cost you anywhere between $130 and $170. This is just the beginning. The real horror begins when you miss the due date. Lenders become predator at this stage and they try to take best advantage of your poor situation.

Payday loan companies are some of the worst ones when it comes to collection practices. When you fail to repay a cash advance without faxing on its set due date, the lenders will first charge a hefty amount of penalty fee on your account and then will try to trap you into a never ending cycle of debt. For example, many of them will encourage you to borrow another payday cash advance from them so that you can pay off your existing loan, which you may again find an easy and attractive solution, but again, the relief that such solutions bring is a temporary one; next month, you will find yourself much deeper into the quagmire of debts that payday loans create. Payday loan companies are very aggressive in their marketing strategies. Probably, this is the main reason why consumers are still getting trapped into payday debts despite so many awareness programs that the FTC (Federal Trade Commission) and other organization at state level are running. It is not very difficult to find people who have dozens of payday loan accounts in their name and are now wondering how to pay them off. Many of them end up filing for bankruptcy protection.

As you can see, the benefits and attractive features of cash advance without faxing stand no where when we compare it with the heavy amount of risks that these payday lending programs carry.

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